Item 8.01 OTHER EVENTS.
Standard Parking Corporation (the Company) is filing this
Current Report on Form 8-K with the SEC to update the Companys audited financial statements
included in the Companys Annual Report on Form 10-K for the year ended December 31, 2008 filed
with the SEC on March 13, 2009 (the 2008 Form 10-K) to reflect, for all periods presented, the
retrospective adoption, effective January 1, 2009, of Financial Accounting Standards Board
Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements, an Amendment of
ARB No. 51 (FAS 160). FAS 160 establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary, previously referred to as minority interest. Among other
matters, FAS 160 requires that noncontrolling interests be reported within the equity section of
the balance sheet and that the amounts of consolidated net income or loss and consolidated
comprehensive income or loss attributable to the parent company and the noncontrolling interests be
clearly presented separately in the consolidated financial statements. Also, pursuant to FAS 160,
where appropriate, losses will be allocated to noncontrolling interests even when that allocation
may result in a deficit equity balance. While the accounting provisions of FAS 160 are being
applied prospectively beginning January 1, 2009, the presentation and disclosure requirements have
been applied retrospectively. Upon adoption of FAS 160, the Company reclassified minority interests
in its consolidated balance sheet from accrued expenses to noncontrolling interest in the equity
section. Additionally, the Company changed the way noncontrolling interests are presented within
the consolidated statement of income such that the statement of income reflects results
attributable to both the Companys interests and noncontrolling interests. The results attributable
to the Companys interests did not change upon the adoption of FAS 160. On May 7, 2009 and August
7, 2009, the Company filed Quarterly Reports on Form 10-Q for the periods ended March 31, 2009 and
June 30, 2009, respectively (collectively, the 2009 Form 10-Qs), which reflected the adoption of
FAS 160 as further described in the notes to the interim consolidated financial statements included
in those filings. The following sections of the 2008 Form 10-K are being updated in this Current
Report on Form 8-K to reflect the retrospective adoption of FAS 160 (such sections are filed as Exhibit 99.1 hereto and incorporated by reference herein):
| | Part II Item 6. Selected Financial Data |
| | Part IIItem 7. Managements Discussion and Analysis of Financial Condition and Results of Operations. |
| | Part IVItem 15. Exhibits and Financial Statement Schedules |
The Company has included the entire text of the affected sections. No sections of the 2008 Form
10-K other than as identified above are being revised by this filing. Information in the 2008 Form
10-K is generally stated as of December 31, 2008 and this filing does not reflect any subsequent
information or events other than the adoption of the accounting pronouncements and the
reclassification of certain prior year amounts to conform to current presentation. Without limitation of the foregoing, this filing does not
purport to update the Managements Discussion and Analysis of Financial Condition and Results of
Operations contained in the 2008 Form 10-K for any information, uncertainties,
transactions, risks, events or trends occurring, or known to management. More current information
is included in the Companys other filings with the SEC. This Current Report on Form 8-K should be
read in conjunction with the 2008 Form 10-K, the 2009 Form 10-Qs and the Companys other filings
with the SEC. Other filings contain important information regarding events, developments and
updates to certain events and expectations of the Company that have occurred since the filing of
the 2008 Form 10-K and the 2009 Form 10-Qs.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
| Exhibit No. | Description | |
23.1 |
Consent of Ernst & Young LLP | |
99.1 |
Updates to Standard Parking Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STANDARD PARKING CORPORATION | ||
| Date: November 2, 2009 | By: | /s/ G. MARC BAUMANN |
| G. Marc Baumann, Chief Financial Officer |
||
Standard Parking
Corporation
Form 8-K
Exhibit Index
| Exhibit No. | Description | |
|
23.1
|
Consent of Ernst & Young LLP | |
| 99.1 | Updates to Standard Parking Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008. |